Strategic Sourcing

Strategic sourcing is a continuous process of analyzing what an organization purchases, from whom, at what price and at what volume. This places emphasis on the complete life-cycle of a product and not just its upfront price. Strategic sourcing demands homogenizing sourcing and providing users with technology in order to share information about products, market trends and business requirements. The main objective of strategic sourcing refers to the lessening of cost while preserving or improving the quality of the product.

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